Choreo LLC Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Choreo LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 24,930 shares of the semiconductor company’s stock, valued at approximately $2,248,000.

Other large investors also recently modified their holdings of the company. Horizon Bancorp Inc. IN bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $110,000. Rockline Wealth Management LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $4,449,000. 17 Capital Partners LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $1,827,000. AIA Group Ltd boosted its position in shares of Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after acquiring an additional 13,326 shares during the period. Finally, GAM Holding AG boosted its position in shares of Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after acquiring an additional 17,776 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $93.18 on Tuesday. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.63. The stock has a market capitalization of $50.35 billion, a price-to-earnings ratio of 21.77, a price-to-earnings-growth ratio of 2.86 and a beta of 1.65. The company has a fifty day moving average of $87.47 and a 200-day moving average of $84.79. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the company earned $1.48 EPS. The firm’s revenue was down 18.6% on a year-over-year basis. Equities research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a dividend of $0.45 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is currently 42.06%.

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial dropped their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Susquehanna reissued a “positive” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Monday, April 8th. TD Cowen boosted their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday, February 2nd. Finally, Needham & Company LLC boosted their price target on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.